Monmouthshire Building Society Maturity instructions

Growingold

I have 2 RS's maturing around 7th September but I have received no maturity options from them and there is nothing showing online either.  I would have thought I should have received  by now.  When did other people receive their maturity options for their maturing RS's?  How long before maturity?  Thanks

surreysaver

I received one set about a week ago, two weeks before maturity.
The other set yet to receive.
If you do nothing, it reverts to an easy saver, so you can just transfer the money. As I've already got an easy saver with them linked to a nominated account, I will transfer the money to my nominated account via the existing easy access saver.

Over62

My regular saver matures on 31 August.  I received a letter a few days ago with maturity instructions, which includes codes for you to be able to give the instructions online.  My OH with an identical regular saver has received nothing.  As the intention is to withdraw the money rather than reinvest it with the Monmouthshire, it is no big deal.  The regular saver will revert to an easy saver account and can then be withdrawn.  But it does highlight the poor admin at Monmouthshire.

subjecttocontract

Over62  But it does highlight the poor admin at Monmouthshire.

Their CEO salary range is £221K - £237K so for that id expect their admin to be better than poor.

Gers

Their processes may be rather old fashioned but their staff and customer services are good. All my interactions with them, including a phone call I made yesterday, have been handled well and professionally. In these days of super-slick challenger banks MBS may well not hold up well but they have a place in the landscape.

All organisations make mistakes or get things wrong, however it's how it's dealt with is important. My one major difficulty with MBS (which bizarrely involved another member here) was handled promptly, rectified, compensation paid and apology given all within a few hours.

WillPS

subjecttocontract said:

Over62  But it does highlight the poor admin at Monmouthshire.

Their CEO salary range is £221K - £237K so for that id expect their admin to be better than poor.

You think the CEO is directly involved in the maturity instruction delivery process?

WillPS

Over62 said:

My regular saver matures on 31 August.  I received a letter a few days ago with maturity instructions, which includes codes for you to be able to give the instructions online.  My OH with an identical regular saver has received nothing.  As the intention is to withdraw the money rather than reinvest it with the Monmouthshire, it is no big deal.  The regular saver will revert to an easy saver account and can then be withdrawn.  But it does highlight the poor admin at Monmouthshire.

Stuff goes walkies in the post - it's pretty far from unheard of.

subjecttocontract

WillPS said:

subjecttocontract said:

Over62  But it does highlight the poor admin at Monmouthshire.

Their CEO salary range is £221K - £237K so for that id expect their admin to be better than poor.

You think the CEO is directly involved in the maturity instruction delivery process?

No but I think the CEO is responsible for its satisfactory operation.

soulsaver

I'll put up with a bit of 'not slick' for 8.0%, 7.0% & 6.0% reg savers...

WillPS

subjecttocontract said:

WillPS said:

subjecttocontract said:

Over62  But it does highlight the poor admin at Monmouthshire.

Their CEO salary range is £221K - £237K so for that id expect their admin to be better than poor.

You think the CEO is directly involved in the maturity instruction delivery process?

No but I think the CEO is responsible for its satisfactory operation.

The CEO's job is to ensure the continued sustainability and success of the society. I'm not sure it helps any to point at them, say they're paid a lot and that should mean things are better; it just makes things needlessly personal. FWIW £240k doesn't sound like an awful lot to me to lead a business with a dozen locations, another dozen agency partners, ~150 staff and £1.7bn in assets.

Despite the clearly very archaic systems and processes I see no shortage of people willing to [re-]engage with them, myself included. If people feel differently then they can and should vote with their feet.

Over62

WillPS said:

Over62 said:

My regular saver matures on 31 August.  I received a letter a few days ago with maturity instructions, which includes codes for you to be able to give the instructions online.  My OH with an identical regular saver has received nothing.  As the intention is to withdraw the money rather than reinvest it with the Monmouthshire, it is no big deal.  The regular saver will revert to an easy saver account and can then be withdrawn.  But it does highlight the poor admin at Monmouthshire.

Stuff goes walkies in the post - it's pretty far from unheard of.

Exactly.  So an email or an announcement on the website after log in would be preferable.  It would also be quicker and cheaper.